Core Viewpoint - The stock of Oriental Selection (01797) experienced significant volatility, initially rising nearly 5% before plunging to a closing drop of 20.89% amid rumors regarding CEO Zhou Chenggang's involvement in related party transactions and regulatory investigations [1] Company Summary - Oriental Selection's stock opened high but faced a dramatic drop, with a peak increase of over 23% at 14:50 before closing at 34.32 HKD, reflecting a total trading volume of 1.02 billion HKD [1] - In response to market rumors, Oriental Selection issued a statement refuting claims about CEO Zhou Chenggang and the alleged commission rate exceeding 30%, clarifying that the actual average commission rate is below 20% [1] - The company has initiated legal actions against the spread of false information and emphasized its commitment to high-quality and cost-effective products [1] Market Reaction - Analyst Yan Zhaojun from Zhongtai International noted that the stock's sharp decline was influenced by short-term trading activities, with significant sell orders observed during the post-market auction phase [1] - The volatility in Oriental Selection's stock price is attributed to short-term funds, which, after achieving profit targets, tend to withdraw collectively, leading to drastic price fluctuations [1] - Despite the potential for a rebound, the analyst cautioned that such market movements driven by speculative trading are often unsustainable [1]
港股异动 | 东方甄选(01797)高开近5% 公司辟谣新东方CEO被查 称产品平均佣金率不到20%